Uber agrees investment deal with SoftBank

A group of investors led by SoftBank is taking a large stake in Uber in a deal that will further enrich the ride-hailing company's billionaire founder. Uber said it has closed the deal with the consortium, which is purchasing $1.25bn in new shares and a large number from existing shareholders. As part of the deal, Uber's board has expanded from 11 to 17 directors, with Softbank's investor group taking two of the new seats. In a statement on Thursday, Uber called the deal a "Great outcome for our shareholders, employees and customers, strengthening Uber's governance as we double down on our technology investments and continue to bring our services to more people in more places around the world". He's selling 29% of his shares, and Softbank, the Tokyo-based group which seems to be taking a stake in every bright idea in Silicon Valley, will gain two seats on Uber's board.